My partner and I are looking to purchase a flat in Downend and have instructed a Downend conveyancing firm. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. HSBC Bank have this evening contacted us to advise us that they have now hit a problem as our Downend solicitor is not on their conveyancing panel. Is this a problem?
Where you are buying a property needing a mortgage it is normal for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Downend solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
We're in Downend, First time buyers buying with a mortgage (lender is Bank of Ireland , and our lawyer is on the Bank of Ireland conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Bank of Ireland conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I used Wolstenholmes a few years past for my conveyancing in Downend. Now, I need the documents however cannot find the solicitor. What do I do?
You should call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Downend of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Downend I like with open areas and transport links in the vicinity, however it only has 52 years on the lease. There is not much else in Downend for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan that many years may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this.
We're FTB’s - agreed a price, but the agent has warned us that the owners will only proceed if we instruct their recommended lawyers as they want a ‘quick sale’. Our preferred option is to instruct a local solicitor accustomed to conveyancing in Downend
We suspect that the seller is not behind this demand. If they desire ‘a quick sale', alienating a motivated purchaser is counter productive. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)but you will continue to instruct your own,trusted Downend conveyancing lawyers - not the ones that will provide their negotiator at the agency a referral fee or hit his conveyancing thresholds set by corporate headquarters.